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Starbucks says it will close 150 stores next year

Posted: 3:53 PM, Jun 19, 2018
Updated: 2018-06-19 17:05:44-04
Starbucks says it will close 150 stores next year

Starbucks will close 150 poorly performing company-operated stores next year, about three times as many as it typically closes.

The company told investors late Tuesday that it expects same-store sales to grow just 1% for the quarter that begins next month, lowering its previous guidance. The stock slumped 3.5% in after-hours trading.

"Our recent performance does not reflect the potential of our exceptional brand and is not acceptable," Starbucks CEO Kevin Johnson said in a statement. "We must move faster to address the more rapidly changing preferences and needs of our customers."